• Bitcoin is currently experiencing its longest streak of profit-taking since the 2021 bull run.
• Over the past 14 days, only around $45 million of profits have been realized, considerably less than in previous streaks.
• The SEC’s notice to Paxos to stop minting BUSD could have longstanding implications on the crypto market.
Bitcoin Experiences Longest Streak of Profit Taking Since 2021 Bull Run
Bitcoin is currently experiencing its longest streak of profit-taking since the 2021 bull run. This was defined by net realized profit/loss, which indicates that investors are taking the opportunity for profits. Over a 14 DMA, this is the longest streak of profit-taking since November 2021.
Short Term Holders Take Profits Last Week
CryptoSlate analyzed that last week there was predominantly profit-taking from short term holders. In comparison to previous streaks of profit taking, this period has seen far less money moved; over the past 14 days, only around $45 million of profits have been realized. Additionally, Bitcoin continues to face resistance at $25,000 – which could be due to investors realizing their profits here.
Implications Of SEC Notice To Paxos To Stop Minting BUSD
The SEC recently gave notice to Paxos ordering them to stop minting BUSD stablecoins as they had not registered with them as an exchange or clearing agency – something required by law in order for stablecoins to be issued and traded in US markets. This enforcement action against Paxos could have long standing implications on the crypto market and stablecoin industry as a whole. CryptoSlate’s new report explores these implications and potential consequences for all involved parties in more depth.
Investors are continuing to take advantage of recent opportunities and realize profits from Bitcoin; with this being the longest streak since November 2021 according to net realized profit/loss figures. The SEC’s recent notice sent out to Paxos also has potential long standing implications on both the crypto market and wider stablecoin industry – with CryptoSlate providing further insights into this matter in their newest report regarding enforcement action against Paxos.